We construct a dynamic general equilibrium model of housing, incorporating some key features that bridge time and space. We model explicitly the evolution of housing structures/household durables and the separate role played by land, fully accounting for households’ locational choice...

We propose a sectoral-shift theory of aggregate factor productivity for a class of economies with AK technologies, limited loan enforcement, a constant production possibilities frontier, and finitely many sectors producing the same good. Both the growth rate and total factor productivity in...

National accountants treat as consumption all expenditure incurred in purchasing consumer durables and in forming intangible assets such as knowledge, education and good health. The case is made in this paper that the national accounts measures of saving and investment understate both the extent...

Piketty argues that there are long-run fundamental laws in capitalism that will necessarily concentrate the income in favor of the privileged 1 or 10% of the population. Piketty's two fundamental laws are really theoretical propositions that presume relative rigidity in the rate of return of...

Growth performance of African countries since their independence in the late 1950s until mid-1990s is qualified by many scholars as a tragedy. Geography, ethnic fractionalization, conflicts and wars, bad policies, predatory elites, and many other phenomena were the factors presumed to explain...

The formation of the European Union (EU) is the one of the biggest political – economic events of the last 50 years. The aim of this study is to develop EU economy functioning system dynamic model. Main research method is system dynamics. General scheme of EU economy system dynamic model is...

We introduce two new indexes of labour productivity growth. Both indexes are intended to capture the shift in the short-run production frontier, which can be attributed to technological progress or growth in capital inputs. The two indexes adopt distinct approaches to measuring the distance...

Labour productivity is defined as output per unit of labour input. Economists acknowledge that technical progress as well as growth in capital inputs increases labour productivity. However, little attention has been paid to the fact that changes in labour input alone could also impact labour...

This paper assesses the evolution of output and productivity in the Greek banking industry for the period 1990-2006. Three main categories of bank output were estimated based on modern theoretical approaches, while for the aggregation and estimation of output and inputs and the estimation of...

The Private Sector Development Project (PSDP) was a culmination of the renewed commitment of the Government of Ghana to accelerate the pace of development of Ghana’s private sector. The project was also a direct result of the Business Community’s own assessment of Lingering issues which...